Local Government Borrowing

ORS 287A.365
Advance refunding bonds and forward current refunding


(1)

The Legislative Assembly declares that the issuance of advance refunding bonds and the authority to effect a forward current refunding are matters of general statewide concern, and ORS 287A.360 (Current refunding bonds) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds) preempt all local statutory or charter authority to issue advance refunding bonds or to effect a forward current refunding.

(2)

A public body may issue advance refunding bonds or enter into forward current refundings in compliance with:

(a)

ORS 287A.360 (Current refunding bonds) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds); and

(b)

Rules adopted by the State Treasurer.

(3)

A public body may secure advance refunding bonds and forward current refunding bonds with any of the revenues and covenants that the public body could have used to secure the refunded bonds under the law in effect when the refunded bonds were issued and with revenues and covenants that the public body could have used to secure the refunded bonds if the laws that are in effect when the refunding bonds are issued were in effect when the refunded bonds were issued.

(4)

The maturities of advance refunding bonds and forward current refunding bonds authorized by this section may not exceed by more than six months:

(a)

Maturity limits that were established by the electors for the refunded bonds; and

(b)

A maturity limit imposed by a provision of a constitution, charter or statute that applied to the refunded bonds, if the provision imposing the limit is in effect when the refunding bonds are issued. [2007 c.783 §55; 2011 c.256 §2]

Source

Last accessed
Mar. 11, 2023